(Rejected: Promotional Material) Tradewind Markets Accomplishes First-Ever Gold Provenance Transaction via Blockchain
Editor's Note: Promotional Material, we will not be publishing this.
Tradewind Markets, a technology platform for digitizing the ownership, settlement, and trading of precious metals, has revealed its first-ever transaction using its provenance management solution dubbed Tradewind Origins.
The transaction entailed Agnico Eagle Mines, a Canadian gold producer, selling 5,000 ounces of gold from its LaRonde mine in Quebec to Bank of Montreal (BMO).
Expressly, Agnico Eagle Mines utilized Tradewind Origins to record information about the gold’s supply chain and provenance before delivering it to the Royal Canadian Mint for refining.
At the Royal Canadian Mint premises, the gold’s digital records of ownership were tagged with Agnico’s self-reported provenance information.
Later on the transfer of ownership credits, as well as all the supply chain and provenance data were recorded on Tradewind’s distributed ledger that is built on R3’s Corda blockchain platform. After this was accomplished Bank of Montreal formally assumed ownership.
Blockchain in the Precious Metal Sector
Tradewind noted that the transaction marked the first time blockchain technology and carbon credits were utilized in the precious metals’ supply chain management.
Tradewind CEO, Michael Albanese, ascertained: “This is a long-awaited development for precious metals markets.”
He added: “By delivering meaningful data on how, when and where these assets were sourced we are providing the ecosystem with greater visibility into the precious metals global supply chain. By differentiating their metals, companies are unlocking the latent value of their production.”
The treasurer at Agnico Eagle Mines, Ben Lam, acknowledged that blockchain was instrumental in propelling the precious metals producers’ capability of distinguishing products.
He asserted: “Through their adoption of the Tradewind platform, BMO has improved precious metals producers’ ability to differentiate our product for the first time. Meanwhile, precious metals investors and downstream purchasers such as luxury goods companies and jewellers will be able to purchase from selective jurisdictions and sources, such as those adhering to the highest ESG standards. We are excited to work with BMO and Tradewind to improve how the precious metals market functions.”
By leveraging on blockchain technology, Tradewinds seeks to make trade financiers in the precious metals sector more comfortable as they are usually risk-averse based on their high due diligence requirements and scrutiny. This approach will make supply chains more transparent, thus simplifying the process of financing minerals.